Terra World Investments LLC has purchased a city-owned parking garage in Coconut Grove for $16 million. Built by the Miami Parking Authority at 2860 Oak Avenue the multi-level garage has 388 parking spaces and sits on about 85 hundredths of an acre. Near the Shoppes of Mayfair it has four levels with existing retail on the ground floor. Terra has no plans to redevelop the garage, which it intends to hold long-term while repositioning the retail component on the street level. “Our firm is heavily invested in the rebirth of Coconut Grove through [condo tower projects] Grove at Grand Bay and Park Grove. This project will bring new retailers and amenities to the neighborhood,” stated David Martin, Terra President and owner.
